• The US SEC has sued Binance and Coinbase for 13 counts of violations, leading to a 6-month low in the price of BNB.
• Despite this, the crypto sector remains resilient with Bitcoin, Ethereum, and XRP holding steady.
• AltSignals ($ASI) is on presale and could benefit from a post-SEC market resurgence once the case is concluded.
SEC’s Legal Action Against Crypto Exchanges
The US Securities and Exchange Commission (SEC) has initiated legal action against two major crypto exchanges – Binance and Coinbase. Binance has been accused of 13 counts of violations, including offering unregistered security tokens, while Coinbase is charged with operating an unregistered securities exchange, clearing agency, and broker. This news sent shockwaves through the market as investors responded with fear.
BNB Falls to 6-Month Low
The news had an instantaneous impact on the price of Binance Coin (BNB), which fell to its lowest level since January 23rd – a nearly 6-month low – trading at $261 on June 8th. However, other major cryptocurrencies such as Bitcoin, Ethereum and XRP have held steady despite the significant price drop in BNB. This demonstrates resilience among investors despite their fears over potential consequences due to SEC’s actions against crypto exchanges.
DeFi Activity Remains Steady
Despite this news event being potentially panic-inducing as seen in previous instances such as FTX in November 2022, DeFi activity across various platforms has remained steady according to DeFiLlama. The total value locked also remains around $45.43 billion which further highlights investor confidence despite the ongoing regulatory tussles between exchanges and SEC.
AltSignals Could Benefit From Market Resurgence
As it stands now it is unclear when exactly the case between Binance and SEC will conclude; however if it eventually does then this could be seen as a positive sign for digital assets overall given that any clearance of existing regulatory hurdles would likely boost demand significantly for these types of assets moving forward. AltSignals ($ASI), currently on presale, could be one such asset that stands to benefit from such an eventuality should it occur in future markets post-SEC legal action against exchanges .
Conclusion
Overall it appears that although investors have reacted negatively towards news of legal action by SEC against major crypto exchanges like Binance and Coinbase they have done so without causing too much damage or panic within the broader cryptocurrency sector; instead opting to maintain confidence in certain digital assets like Bitcoin while still showing caution given potential implications from these ongoing lawsuits . AltSignals may prove beneficial once again should circumstances eventually settle down after conclusion of these cases .